Bank of Cyprus is expanding its international services by allowing customers to conduct transactions directly in Indian rupees (INR), facilitating payments to India.
The new service targets businesses and individuals with commercial, investment or other financial ties to the Indian market and forms part of the bank’s strategy to develop new international payment corridors.
Direct payments in Indian rupees
The ability to transact in INR provides customers with greater flexibility when managing international payments, including allowing them to settle obligations or invoices directly in the currency in which they were issued.
It also reduces the need to use intermediary currencies, simplifying the payment process and helping make cross-border transactions more direct, efficient and cost-effective.
The service is particularly aimed at businesses operating in India, companies with commercial partnerships or a presence in the country, and individuals making payments in rupees.
It will also serve Indian nationals working in Cyprus who wish to send remittances to India.
Strengthening Cyprus-India economic ties
The addition of the Indian rupee to the bank’s range of international transaction currencies is intended to further strengthen economic and commercial ties between Cyprus and India.
The bank said the service could create new opportunities for trade, investment and cross-border business activity.
Representative office planned in India
As part of its broader expansion into the Indian market, Bank of Cyprus is also seeking the necessary approval from the Reserve Bank of India to establish a representative office in the country.
The initiative forms part of the bank’s strategy to expand its international presence, enter new markets and further strengthen its global service network.
It is also intended to contribute to efforts to position Cyprus as a regional and European business hub for international operations.
